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    ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 >  Item 310904400/17547


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/17547


    Title: Information Transparency and Corporate Financing Decision: Testing the Pecking Order Theory
    Authors: 王癸元;Wang, Kuei-Yuan
    Contributors: 財務金融學系
    Keywords: "Transparency, corporate financing decision, pecking order theory, information asymmetry, information disclosure."
    Date: 2011-09
    Issue Date: 2012-11-26 10:36:53 (UTC+8)
    Abstract: "This research is mainly to study the impact of corporate information transparency on corporate
    financing decision. The “information disclosure and transparency ranking” survey results by the
    Securities and Futures Institute (SFI) were incorporated into the regression models to test the pecking
    order theory. The assumption was that information disclosure would lead to higher transparency, and in
    turn, higher market efficiency. While the financial deficit gets higher, the debt gets higher too, but does
    not follow the pecking order theory (management prefer debt financing to equity financing). On the other
    hand, when taking transparency into consideration, empirical results showed that with lower
    transparency and higher financial deficit, management is more inclined to follow the pecking order
    theory. It is apparent that information transparency is a vital indicator for corporations to follow the
    pecking order theory. Companies with lower transparency might raise debts extensively, and that would
    further impact on stockholders’ equity inducing a more serious agency problem. Thus, government as
    well as the corporate world should both promote information transparency and reduce information
    asymmetry to protect stockholders from suffering adverse selection."
    Relation: African Journal of Business Management
    Appears in Collections:[財務金融學系] 期刊論文

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